Russell Reconstitution Arbitrage: Index Funds Forced to Buy Big Into INFQ & ONDS This Friday
u/Nice_History5856 ·
Reddit — r/wallstreetbets
· 2026년 6월 22일, 14:22
· ⬆ 30 포인트
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TL;DR: Friday June 26 is Russell Reconstitution day. Passive funds must buy newly added stocks at the close. INFQ and ONDS are both confirmed Russell 2000 adds. I loaded deep ITM July $10 calls on INFQ near parity (almost zero IV crush risk) and cheap ONDS July $12 calls as a lottery ticket. Screenshots of fills below.
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The Setup On reconstitution day, Vanguard/BlackRock/etc. dump massive Market-on-Close (MOC) orders at 4:00 PM EST to match the index perfectly. That buying prints in one afternoon. Both names are landing in the Russell 2000 this year.
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Play 1: INFQ — Deep ITM Synthetic Long INFQ is getting added. Estimated forced passive buying is hundreds of millions relative to its float. My position (20 contracts total):
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\- July 17 2026 $10 Calls - Filled at $3.86 and $3.78 (stock trading >$13.50) - Deep ITM (\~0.90 delta) - Almost entirely intrinsic value (\~$3.50+), only \~$0.30 extrinsic This is basically 4x leveraged long with very little vol premium to crush.
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Play 2: ONDS — Cheap Lottery Ticket ONDS is also added and lands near the top of the Russell 2000 (high relative weight). Also carries a lot of shares held the opposite of long 😂. My position:
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\- 45 contracts July 17 2026 $12 Calls - Filled at $0.21 (limit $0.22) Pure asymmetric upside, max loss is tiny.
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Why IV Crush Is Mostly Neutralized:
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INFQ: Paid almost entirely for intrinsic value. Even if IV drops to zero Monday, these will still track the stock nearly 1:1.
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ONDS: Paid only $0.21 — worst case is just losing the small premium. If the MOC runs up + momentum hits, these can run hard.
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The Reflexivity Exit Friday’s huge MOC volume will hit every scanner over the weekend. Monday brings retail + algo momentum into a float that just got structurally thinned. Plan is to ride into the close and scale out early next week on strength.
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Positions:
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\- 20x INFQ Jul 17 ’26 $10C (@$3.78–3.86)
\- 45x ONDS Jul 17 ’26 $12C (@$0.21)
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Who else is playing Russell adds? 👀